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OF  THE  CITY  OF  NEW-YORK, 


W  ITH  '(UE 


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(JEO.   U.   RISLL,  STATIONER    AND  PRINTER. 

15S  NASSAU-STKKKT. 


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TO  INCORPORATE  THE 

frtittg  Swings'  Institute 


OF  THE  CITY  OF  NEW-YORK. 


Passed  July  1st,  1851. 


GEO.   H.   BELL,   STATIONER,  AND  PRINTER. 
153  NASSAU-STREET. 

1 1  8  5  4. 


\Puhgt} 


-A.  INT  ACT 


TO  INCOFPORA.TS  T'JB 

irvim  urnr  INSTITUTION 

PASSED   JULY   1,  1851. 


77*5  People  of  the  State  of  New  York,  represented 
in  Senate  and  Assembly,  do  enact  as  follows : — 

Sec.  1  Caleb  S.  Woodhull,  J.  Phillips  Phoenix, 
Edgar  H.  Laing,  Henry  R.  Ctfnklin,  William  Radford, 
Abram  Wakeinan,  Alexander  H.  Schultz,  Yanderbilt 
L.  Buxton.  David  B.  Moses,  William  S.  G-regory,  John 
x\nderson,  Reuben  R.  Wood,  Henry  E  Hart,  E.  Tilden 
Blodgett.  Mason  Thomson.  Thomas  Carnley,  William 
M.  Pullis,  Alexander  McKenzie,  Warren  Chapman, 
Henry  J.  Allen,  Charles  Jenkins,  George  H.  Bell,  David 
Morrison,  Edmund  Griffin,  William  Flagg,  Abraham 
Frazee.  Horatio  N.  Ferris,  Richard  F.  Carman  and  John 
Romer,  and  their  successors,  shall  be,  and  they  are  here- 
by constituted  a  body  corporate  and  politic,  by  the  name 


21c  9 

of  the  Irving  Savings'  Institution,  to  be  located  in  the 
City  of  New-York,  and  by  that  name  shall  have  perpet- 
ual succession,  ami  may  sue  and' be  sued  in  any  Court 
whatsoever. 

Sec.  2.  The  real  estate  which  it  shall  be  lawful  for 
the  said  corporation  to  purchase,  hold  and  convey  shall  be  : 

1.  Such  as  may  be  requisite  for  its  immediate  accom- 
modation for  the  convenient  transaction  of  its  business. 

2.  Such  as  shall  have  been  mortgaged  to  it  in  good 
faith  for  money  loaned  in  pursuance  of  the  provisions 
of  this  act. 

3.  Such  as  shall  have  been  purchased  at  sales  upon 
judgments,  or  decrees  obtained  or  rendeied  for  money 
so  loaned  ;  and  the  said  corporation  shall  not  purchase, 
hold  or  convey  real  estate  in  any  other  case,  or  for  any 
other  purpose,  and  all  such  real  estate  as  is  described  in 
the  second  and  third  subdivisions  of  this  section  shall 
be  sold  by  the  said  corporation  within  five  years  after 
the  same  shall  be  vested  in  it  by  purchase  or  otherwise  ; 
and  the  said  corporation  shall  not,  directly  or  indirectly, 
deal  or  trade  in  buying  or  selling  any  goods,  wares  or 
merchandise  whatever,  except  in  the  cases  where  it  is 
authorized  to  do  so  by  the  terms  of  this  act,  and  except 
such  personal  property  as  may  be  requisite  for  its  imme- 
diate accommodation  for  the  convenient  transaction  of 
its  business. ' 

Sec.  3.  The  trustees  of  said  corporation  shall  not, 
as  such,  directly  or  indirectly,  receive  any  pay  or  emol- 
ument for  their  services. 

Sec.  4.    The  business  of  the  said  corporation  shalL 


5 

be  managed  and  directed  by  the  said  Bo.ird  of. Trustees, 
who  shall  elect  from  their  number  a  President,  two 
Vice-Presidents,  and  such  other  officers  as  they  may  see 
fit ;  eight  of  the  said  trustees,  of  whom  the  President, 
or  one  of  the  Vice-Presidents  shall  be  one,  shall  form  a 
quorum  for  the  transaction  of  business,  and  the  affir- 
mative vote  of  at  least  seven  members  of  the  board, 
shall  be  requisite  to  make  any  order  for.  or  to  give  au- 
thority to  make  any  investment  of  any  moneys,  or  to 
sell  or  transfer  any  slock  or  securities  belonging  to  the 
corporation,  or  the  appointment  of  any  officer  receiving 
a  salary  therefrom. 

Sec.  5.  The  persons  named  in  the  first  section  of 
this  act,  shall  be  the  first  trustees  of  said  corporation, 
and  all  vacancies  by  death,  resignation  or  otherwise,  in 
the  office  of  trustee,  shall  be  filled  by  the  board  by  bal- 
lot, without  unnecessary  delay,  and  at  least  six  votes 
shall  be  necessary  for  the  election  of  any  trustee.  The 
said  trustees  shall  hold  a  regular  meeting  at  least  once 
in  each  month,  to  receive  the  reports  of  their  officers  as 
to  the  business  and  affairs  of  the  corporation,  and  to 
transact  such  business  as  may  be  necessary,  and  any 
trustee  omitting  to  attend  the  regular  meetings  of  the 
board  for  six  successive  months,  may  thereupon,  at  the 
election  of  the  said  board  be  considered  as  having  va- 
cated his  place,  and  a  successor  may  be  elected  to  fill  the 
same.  The  Supreme  Court  may  at  any  time,  for  due 
cause,  remove  any  trustee,  on  proper  notice  to  such  trus- 
tee, and  affording  him  an  opportunity  to  be  heard  in 
his  defence.^ 

Sec.  6.    The  general  business  and  object  of  the  cor- 


6 


poration  hereby  created,  shall  be  to  receive  on  deposit 
such  sums  of  money  as  may  be  from  time  to  time  offered 
therefor,  and  to  invest  the  same  in  the  securities  or 
stocks  of  this  state,  or  of  the  United  States,  or  in  the 
stocks  or  bonds  of  any  City,  authorized  to  be  issued  by 
the  Legislature  of  this  State,  or  in  such  other  manner  as 
is  authorized  by  this  act,  for  the  use,  interest  and  advan- 
tage of  the  said  depositors  and  their  legal  representatives  ; 
and  the  said  corporation  shall  receive  as  deposits  all 
sums  of  money  which  may  be  offered,  for  the  purpose 
of  being  invested  as  aforesaid,  but  not  to  exceed  the 
sum  of  five  thousand  dollars  from  any  individual,  which 
shall  as  soon  as  practicable,  be  invested  accordingly, 
and  shall  be  repaid  to  such  depositor  when  required,  at 
such  times,  and  with  such  interest,  and  under  such  reg- 
ulations, as  the  Board  of  Trustees  shall  from  time  to, 
time,  prescribe  ;  which  regulations  shall  be  put  up  in 
some  public  and  conspicuous  place,  in  the  room  where 
the  business  of  said  corporation  shall  be  transacted,  but 
shall  not  be  altered  so  as  to  affect  any  deposit  previous- 
ly made.  No  President,  Vice-President,  trustee,  officer 
or  servant  of  said  corporation,  shall  not  directly  or  in- 
directly borrow  the  funds  of  said  corporation,  or  its 
deposits,  or  in  any  manner  use  tqe  same  or  any  part 
thereof,  except  to  pay  necessary  current  expenses,  under 
the  direction  of  said  board  of  trustees.  All  certificates 
or  other  evidences  of  deposit  made  by  the  proper  offi- 
cer of  such  corporation,  shall  be  as  binding  on  said  cor- 
poration as  if  they  were  made  under  their  common  seal. 
It  shall  be  the  duty  of  the  trustees  of  the  said  corpo- 
ration to  regulate  the  rate  of  interest  to  be  allowed  to 
the  depositors,  so  that  they  shall  receive  as  nearly  as 


may  be  a  ratable  proportion  of  all  tjie  profits  of  the 
said  corporation,  after  deducting  all  necessary  expenses. 
No  money  deposited  in  the  said  Institution  shall  be 
invested,  except  in  the  securities  of  stocks  mentioned  in 
this  section,  in  opposition  to  the  vote  of  any  two  trus- 
tees ;  but  by  the  consent  and  approbation  of  all  the 
trustees  present  at  a  regular  meeting,  amounts  to  be 
approved  of  by  them,  not  exceeding  ten  thousand  dol- 
lars to  any  one  individual,  may  be  loaned  on  unincum- 
bered productive  real  estate,  worth  at  least  double  the 
amount,  to  be  secured  thereby.  In  all  cases  of  loans 
upon  real  estate,  a  sufficient  bond  or  other  satisfactory 
personal  shall  be  required  of  the  borrower,  and  alj  the 
expenses  of  searches,  examinations  and  certificates  of 
title,  and  of  drawing,  perfecting  and  recording  papers, 
shall  be  paid  by  such  borrower  ;  and  it  shall  be  the 
duty  of  the  trustees  of  said  corporation  to  invest,  as 
soon  as  practicable,  in  public  stocks  or  public  securities, 
or  in  bonds  and  mortgages,  as  provided  for  in  this  act, 
all  sums  received  by  them  beyond  an  available  fund  of  not 
exceeding  one  hundred  thousand  dollars,  or  mot  exceed- 
ing one-third  of  the  total  amount  of  deposits  with  said 
institution,  at  the  discretion  of  the  said  trustees,  which 
they  may  keep  to  meet  the  current  payments  of  said 
corporation,  and  which  may  by  them  be  kept  on  depo- 
sit, on  interest  or  otherwise,  in  such  available  form  as 
the  trustees  may  direct.  Temporary  deposits  may  be 
made  in  any  of  the  incorporated  banks,  or  in  any  of 
the  associations  which  are  now  or  may  hereafter  be 
formed  under  the  general  banking  law  in  the  City  of 
New- York,  and  interest  may  be  received  thereon  at 
such  rates,  not  exceeding  that  allowed  by  law,  as  may 
be  agreed  upon. 


8 

Sec.  7.  The  Board  of  Trustees  of  said  corporation 
shall  have  power,  from  time  to  time,  to  make,  constitute, 
ordaiu  And  establish  such  by-laws,  rules  and  regulations, 
as  they  shall  judge  proper  for  the  election  of  their  offi- 
cers, for  prescribing  their  respective  functions,  and  the 
mode  of  discharging  the  same,  for  the  regulation  of  the 
times  of  meeting  of  the  officers  and  trustees,  and  gener- 
ally for  transacting,  managing  and  directing  the  affairs 
of  the  corporation,  provided  such  by-laws,  rules  and 
regulations  are  not  repugnant  to  this  act.  to  the  consti- 
tution or  laws  of  this  State,  or  of  the  United  States. 

Sec.  8.  The  Board  of -Trustees,  may  appoint  such 
subordinate  officers  of,  and  agents  of  the  said  corpora- 
tion, as  they  shall  deem  necessary,  who  shall,  respective- 
ly, give  such  security  for  their  fidelity  and  good  conduct 
as  the  Boai^l  of  Trustees  may.  from  time  to  time  re- 
quire ;  and  said  board  shall,  from  time  to  time,  fix  the 
salaries  of  such  officers  and  agents.  The  accountant  of 
said  bank  for  the  time  being  is  hereby  authorized  to  ad- 
minister oaths  in  all  such  cases  where  it  may  be  necessa- 
ry to  carry  into  effect  the  true  intent  and  object  for 
which  the  institution  was  incorporated,  and  where  such 
oaths  shall  be  directed  to  be  administered  by  By-Laws 
of  the  corporation. 

Sec.  9.  The  said  corporation  shall,  in  the  month  of 
January,  in  every  year  hereafter,  make  a  report  to  the 
Legislature  of  this  state  and  to  the  Common  Council  of 
the  City  of  New  York,  of  their  funds  and  investments. 

Sec.  10.  The  books  of  the  said  corporation  shall  at 
all  times  during  their  business  hours,  be  open  for  inspec- 


9 


tion  and  examination  to  the  comptroller  of  this  State, 
and  such  other  persons  as  the  Legislature  or  the  comp- 
troller shall  designate  or'appoint  as  their  agent  for  that 
purpose  ;  whenever  any  agent  shall  be  appointed  to  make 
any  such  examination,  he  shall  be  paid  for  his  services 
by  such  corporation,  such  sum  as  the  comptroller  shall 
certify  to  be  reasonable  and  just. 

Sec.  11.  Whenever  any  deposit  shall  be  made  by 
any  minor,  the  trustees  of  the  said  corporation  mayr  at 
their  discretion,  pay  to  such  depositor  such  sums  as  may 
be  due  to  him  or  her,  although  no  guardian  shall  have 
been  appointed  for  such  minor,  or  the  guardian  of  such 
minor  shall  not  have  authorized  the  drawing  of  the 
same,  and  the  check,  receipt  or  acquittance  of  such  mi- 
nor shall  be  as  valid  as  if  the  same  was  executed  by  a 
guardian  of  such  minor,  or  the  said  minor  was  of  full 
age,  if  such  deposit  was  made  personally  by  said  minor : 
and  when  any  deposit  shall|be  made  by  any  female,  being, 
or  hereafter  becoming]  a  married  woman,  the  said 
corporation  may  in  their  discretion  pay  to  such  last 
mentioned  depositor,  such  sums  as  shall  be  due  to  such 
female,  and  the  receipt  or  acquittance  of  such  female 
shall  be  a  sufficient  discharge  to  said  corporation. 

Sec.  12.  The  Board:  of  Trustees  shall  also,  in  the 
month  of  January  in  each  year,  report  to  the  Legisla- 
ture, and  to  the  Common  Council  of  the  city  of  New 
York,  the  aggregate  amount  of  deposits  on  hand,  with 
the  interest  which  has  accrued  thereon,  and  also  the  un- 
claimed deposits  on  which  at  least  the  sum  of  ten  dol- 
lars shall  then  be  due,  and  which  shall  have  been  deposi- 
ted by  persons  who  have  not,  within  the  two  years  next 


10 


preceding  said  report,  made  a  deposit  or  received  a  divi- 
dend or  payment  from  said  corporation,  and  shall  pub- 
lish the  same  in  one  of  the  newspapers  published  in  the 
city  of  New  York.  The  misnomer  of  said  corporation 
in  any  instrument  shall  not  vitiate  or  impair  the  same, 
if  it  be  sufficiently  described  to  ascertain  the  intention 
of  the  parties. 

Sec.  13.  The  Supreme  Court  may.  at  any  time,  on 
the  application  of  any  trustee  or  depositor  in  said  insti- 
tution, and  on  reasonable  cause  shown  therefor  to  the 
satisfaction  of  the  said  Court,  appoint  one  'or  more  per- 
sons to  examine  into  the  investments  thereof,  and  its  af- 
fairs and  business  generally  ;  the  books,  papers  and  busi- 
ness of  said  corporation  shall  be  open,  and  subject  to  the 
examination  of  such  person  or  persons,  and  the  trustees, 
officers  and  clerks  thereof,  or  any  other  person,  may  be 
examined  on  oath  by  such  person  or  persons,  and  the 
same  Court  may  confer  such  further  powers  on  the  per- 
son or  persons  so  appointed,  as  they  may  consider  neces- 
sary for  the  more  thorough  and  perfect  examination  of 
the  affairs  and  business  of  said  corporation.  The  said 
person  or  persons  so  appointed  shall  report  the  result  of 
their  investigation  to  the  said  Court,  who,  if  satisfied 
thereby  that  any  officer,  trustee  or  servant  of  said  cor- 
poration, has  been  guilty  of  any  fraud  or  misconduct, 
may  remove  such  person  or  persons,  and  make  such  fur- 
ther order,  and  take  such  further  measures  for  securing 
the  funds  and  property  of  said  corporation  as  the  said 
Court  shall  deem  expedient. 

Sec.  14.    The  corporation  hereby  created  shall  be 


1 1 


subject  to  the  provisions  of  the  eighteenth  chapter  of 
the  first  part  of  the  Revised  Statutes,  as  far  as  the  same 
are  applicable  ;  and  this  act  may  be  repealed,  altered,  or 
amended  at  any  time  hereafter. 

Sec.  15.    This  act  shall  take  effect  immediately. 

State  of  New  York,  Secretary's  Office. 

I  certify  that  I  have  compared  the  foregoing  with  an 
original  law  on  file  in  this  office,  and  that  the  same  is  a 
correct  transcript  therefrom,  and  of  the  whole  of  said 
original. 

Given  uoder  my  hand  and  seal  of  office, 
0^jt^K       at  the  city  of  Albany,  this  second  day  of 
avWfi       July,  ore  thousand  eight  hundred  and  fifty- 
one. 

A.  G.  Johnson, 

Dep.  Sec.  of  State, 


\ 


OP 

IRVING  SAVINGS'  INSTITUTION. 


Article  I.— This  Institution  shall  be  denominated  "  The 
Irving  Savings'  Institution,"  and  ?hall  be  under  the  manage- 
ment of  a  President  and  two  Vice-Presidents,  to  be  elected  an- 
nually, together  with  twenty-six  Trustees. 

Article  II.— No  President,  Vice-President,  or  Trustee,  as 
such,  shall  receive  directly  or  indirectly,  any  pay  or  emolument 
for  his  services,  or  be  responsible  for  any  loss  whatever. 

Article  III.—  Deposits  of  one  dollar,  or  any  number  of  dol- 
lars, may  be  received,  with  the  consent  and  approbation  of  the 
attending  Committee. 

Article  IV. — The  Trustees  shall,  on  the  second  Tuesday  of 
January  and  July,  in  every  year,  declare  the  interest  to  be  paid 
depositors,  and  announce  the  regulations  of  the  Institution,  which 
shall  be  placed  conspicuously  in  the  bank  ;  but  no  interest  shall 
be  paid  on  fractional  parts  of  a  dollar. 

Article  V. — No  interest  shall  be  paid  on  any  sum  withdrawn 
previous  to  the  first  day  of  January  or  July,  for  the  period  which 
may  have  elapsed  since  the  last  dividend. 

Article  VI. — All  moneys  deposited  in  the  Bank,  except  such 
sums  as  may  be  deemed  necessary  to  reserve  for  immediate  pur- 
poses, shall  be  invested  or  deposited  in  the  manner  prescribed  by 
the  Act  incorporating  this  Institution,  or  in  such  manner  as  may 
hereafter  be  provided  by  law. 

Article  VII. — All  interest  shall  be  added  to  the  principal  of 
the  depositor,  and  shall  be  entitled  to  interest,  as  much  as  an 
original  deposit. 

Article  VIII. — Drafts  may  be  made  personally,  or  by  the  or- 
der, in  writing,  of  the  depositor,  (if  the  institution  have  the  sig- 
nature of  the  party  on  their  Signature  Book,)  or  by  letters  of  At- 
torney, duly  authenticated ;  but  no  person  shall  have  the  right  to 
demand  any  part  of  his  principal  or  interest  without  producing 
the  original  book,  that  such  payments  may  be  entered  therein, 
and  three  days  notice  must  be  given  to  the  Secretary  when  the 
money  is  to  be  withdrawn  ;  and  no  less  sum  than  five  dollars  of 
the  capital  of  any  depositor  shall  be  withdrawn,  unless  the  who'e 
sum  deposited  be  less  than  that  amount  All  moneys  received 
shall  be  in  specie,  or  in  bills  taken  in  deposit  by  the  Banks  of 
the  City  of  New- York  ;  and  all  payments  shall  be  made  in  the 
same  manner. 

Article  IX. — All  deposits  shall  be  entered  in  the  book  of  this 


13 


corporation,  ana  a  duplicate  shall  be  given  to  each  depositor,  in 
which  the  sum  paid  by  him,  or  her,  shall  be  entered,  and  which 
shall  be  his  or  her  voucher,  and  the  .evidence  of  his  or  her  prop- 
erty in  the  said  Institution. 

Article  X. — The  Trustees  invest  the  Attending  Committee 
with  power  to  close  the  account,  or  to  refuse  to  receive  the  de- 
posits of  any  individual  whenever  they  may  deem  it  expedient. 

Article  XI. — On  making  the  first  deposit,  the  depositor  shall 
be  required  to  subscribe,  and  thereby  signify  his  assent  to  the 
regulations  aud  By-Laws  of  the  Institution. 

Article  XII. — The  Trustees  shall  be  at  liberty  to  return  the 
amount  of  all  or  any  part  of  the  deposits  of  any  depositor,  when- 
ever they  mtiy  think  proper. 

Article  XIII. — All  accounts  to  which  no  deposit,  and  on  which 
no  draft  shall  be  made  for  twenty  years  in  succession,  shall  be 
closed  ;  and  neither  such  deposits,  nor  the  interest  which  shall 
have  accrued  thereon,  shall  draw  any  interest  after  the  expira- 
tion of  twenty  years  from  the  time  of  the  last  deposit  or  draft. 

Article  XIV. — All  notices  in  relation  to  the  deposits  or  de- 
positors, published  by  or  under  the  direction  of  the  Trustees,  in 
one  or  more  of  the  daily  public  newspapers  of  the  City  of  New- 
York,  six  days  successively,  shall  be  deemed  and  taken  as  actual 
notice  to  each  depositor. 

Articlb  XV. — The  monthly  meeting  of  the  Board  of  Trustees 
shall  be  on  the  second  Tuesday  in  each  month,  and  regular 
meetings  shall  be  held  on  Tuesday  of  each  week,  to  decide  on 
applications  for  loans  on  real  estate.  Seven  ofc  the  members, 
with  the  President  or  one  of  the  Vice-Presidents,  shall  constitute 
a  quorum.  Extra  meetings  may  be  called  by  the  President ;  or, 
in  his  absence,  by  one  of  the  Vice-Presidents. 

Article  XVI. — A  monthly  Attending  Committee  of  eight 
Trustees  shall  be  appointed,  whose  duty  shall  be  to  attend  at  the 
Institution  during  the  month  when  necessary,  and  to  have  the 
general  superintendence  and  management  of  it  during  the  recess 
of  the  Board.  They  shall  keep  minutes  of  their  proceedings, 
and  lay  them  before  the  Board  of  Trustees  at  each  monthly  meet- 
ing; noting  particularly  the  amount  deposited  and  drawn  out.. 

Article  XVII. — There  shall  be  a  Finance  Committee  of  six 
Trustees  elected;  three  of  whom  shall  serve  until  January,  1853, 
and  three  until  January,  1854,  to  be  determined  by  lot;  and  at 
every  annual  election,  three  Trustees  shall  be  elected  to  serve  on 
said  Committee,  and  shall  hold  their  office  for  the  term  of  two 
years.  In  case  of  a  vacancy  in  the  Committee,  the  same  shall 
be  filled  by  the  Board  of  Trustees  at  its  next  monthly  meeting. 
The  president  shall  be  a  member  ex-officio.  The  Committee 
shall  attend  to  all  applications  for  loans,  and  shall  meet  as  occa- 
sion may  require,  for  the  purpose  of  investing  and  loaning  the 
funds.    All  checks  must  be  drawn  by  the  Secretary  and  coucter- 


14 


signed  by  the  President,  or  'in  his  absence,  by  one  of  the  Vice- 
Presidents,  and  made  payable  to  the  order  of  the  person  in  whose 
favor  the  same  shall  be  drwan. 

Article  XVIII.— At  the  monthly  meeting  of  the  Board,  in 
January  of  each  year,  they  shall  make  a  particular  statement 
of  their  accounts,  to  exhibit  to  the  Legislature  of  this  State,  and 
to  the  Corporation  of  this  City. 

Article  XIX. — This  Institution  shall  be  open  for  the  trans- 
action of  business  daily ;  special  hours  for  the  reception  of  de- 
posits from  11  A.  M.,  to  1  P.  M.,  and  from  4  to  7  P.  M. 

Article  XX. — The  Trustees  shall  appoint  a  Secretary,  and 
Accountant,  and  such  other  persons  as  they  may  deem  necessary 
to  be  employed  in  the  Institution. 

Article  XXI. — It  shall  be  the  duty  of  the  Secretary  to  noti- 
fy the  Trustees  and  Committees  of  all  meetings  required  to  be 
held,  and  to  be  present  and  keep  the  minutes  of  such  meetings. 
He  shall  collect  the  interest  on  loans,  and  all  debts  due  the  Insti- 
tution ;  he  shall  see  that  tha  books  of  the  Institution  and  ac- 
counts are  properly  and  correctly  kept ;  and  he  shall  deposit 
daily,  to  the  credit  of  the  Irving  Savings'  Institution,  all  mo- 
neys received  by  or  for  account  of  the  Institution,  in  such  bank 
or  banks  as  the  Trustees  may  direct,  and  submit  the  bank  ac- 
count and  balance  in  bank  to  the  attending  Committee  when- 
ever required  ;  also  submit  in  writing  weekly,  to  the  Chairman 
of  the  Finance  Committee,  the  state  of  the  funds  and  balance 
in  bank.  The  books  of  the  Secretary  shall  be  open  at  all  times 
for  the  inspection  of  the  President,  or  any  member  of  the  Board 
of  Trustees,  and  he  shall  submit  to  the  President  a  report  of 
the  proceedings  of  the  monthly  committees,  together  with  a 
statement  of  the  affairs  of  the  Institution,  prior  to  each  month- 
ly meeting  of  the  Board.  He  shall  receive  all  applications  and 
submit  them  to  the  appropriate  committees  ;  and  shall  general- 
ly perform  such  other  duties  as  the  Board  of  Trustees  shall,  by 
resolution  require. 

Article  XXII. — On  the  decease  of  any  depositor,  the  amount 
standing  to  the  credit  of  the  deceased  shall  be  paid  to  his  or  her 
legal  representative. 

Article  XXIII.— The  Board  of  Trustees  shall,  at  the  month- 
ly meetings  in  May  and  November  of  each  year,  fix  the  rate  of 
interest  to  be  allowed  depositors,  for  the  six  months  to  com- 
mence on  the  first  days  of  January  and  July  then  next. 

Article  XXIV.— The  Secretary,  Accountant;  and  such  other 
persons  as  may  be  required  for  the  transaction  of  the  business  of 
the  Institution,  shall  hold  their  respective  offices  during  the 
pleasure  of  the  Board  of  Trustees,  and  receive  such  annual 
compensation  as  they  may  direct.  Before  entering  on  the  du- 
ties of  their  office  respectively,  they  shall  take  and  subscribe  the 
following  oath  or  affirmation  : 


15 


I  do  solemnly  swear  (or  affirm)  that  I  will,  to  the  best  of 
my  abilities,  perform  all  such  duties  and  services  as  shall  be 
given  me  in  charge  by  virtue  of  my  appointment  to  the  office 
of  of  the  Irving  Savings'  Institution  of  the  City  of  New- 
York  ;  and  that  I  will  faithfully  apply  aud  protect  the  funds  and 
property  of  the  Institution,  and  account  for  the  same,  under  the 
control  of  the  President  or  Board  of  Trustees. 

Article  XXV. — The  Secretary.  Accountant,  and  Clerks,  shall 
each  execute  a  bond,  with  two  good  and  sufficient  sureties,  to  be 
approved  by  the  President,  in  the  penal  sum  of  five  thousand 
dollars,  conditioned  for  the  faithful  performance  of  their  trust. 

Article  XXVI. — The  President  shall  have  charge  of  the 
Common  Seal ;  also  of  all  Bonds,  Mortgages,  and  other  proper- 
ty of  the  Institution.  All  satisfactions  of  Bonds  and  Mortgages 
shall  be  signed  by  him,  and  countersigned  by  the  Secretary. 

Article  XXVII. — It  shall  be  the  duty  of  the  Accountant  and 
Clerki  to  attend  daily  at  the  Institution,  and  generally  attend 
to  the  interest  of  the  same,  under  the  direction  of  the  officers. 

Article  XXVIII. — If  any  Trustee  shall  fail  to  attend  the 
meetings  of  the  Board,  or  to  perform  the  duties  devolving  on 
him  as  a  member  of  the  Attending  Committee,  for  the  term  of 
six  successive  months,  he  shall  be  considered  as  having  vaca- 
ted his  seat. 

Article  XXIX. — Under  the  direction  of  the  Board  of  Trus- 
tees, temporary  deposits  may  be  made  in  any  of  the  incorpora- 
ted Banks  in  the  City  of  New- York,  and  interest  shall  be  recei- 
ved thereon,  at  such  rates,  not  exceeding  that  allowed  by  law, 
as  may  be  agreed  upon  by  the  Finance  Committee. 

Article  XXX.— The  Accountant  of  the  Bank  shall,  under 
the  direction  of  one  or  more  of  the  then  Attending  Committee, 
administer  oaths  in  all  cases  where  it  may  be  necessary  to  car- 
ry into  effect  the  true  intent  and  object  for  which  the  Institu- 
tion was  incorporated. 

Article  XXXI. — The  annual  election  for  President,  Vice- 
Presidents,  and  members  of  the  Finance  Committee,  shall  be 
held  on  the  second  Tuesday  of  January,  due  notice  of  which 
shall  be  given  to  each  of  the  Trustees  by  the  Secretary. 

Article  XXXII. — Any  proposed  alterations  or  amendments 
to  these  By-Laws  must  be  submitted  to  the  Board  of  Trustees 
at  least  one  meeting  before  the  same  are  passed  upon.    Nor  shall 
they  be  acted  upon  unless  at  a  meeting  when  a  majority  of  the 
whole  number  of  Trustees  are  present. 


Books  left  to  have  the  Interest  written  in,  will  be  ready  in  ono 
week.  Interest  cannot  be  drawn  until  it  is  written  up.  In 
depositing,  lay  the  bills  straighten  order,  in  that  part  of  the 


1G 


book  where  the  writing  is.  AD  letters  addressed  to  the  Bank 
must  be  post-paid. 

H^gf  In  case  of  he  death  of  any  depositor,  the  amount  stand- 
ing to  their  credit  shall  be  paid  to  his  or  her  legal  representative. 

g^f*  Interest  is  credited  to  each  amount  immediately  on  be- 
coming due,  in  January  and  July  ;  takes  date  as  of  the  first  of 
those  months,  and  is  payable  on  or  after  the  third  Mondays  there- 
in ;  and  payments  are  made,  (as  matter  of  indulgence)  on  all 
the  ordinary  days  of  business,  (the  Bank  intending  thereby  not 
to  affect  the  8th  article  of  the  By-Laws.)   -  ' 


iEx  ICtbrtH 


SEYMOUR  DURST 


When  you  leave,  please  leave  this  book 

Because  it  has  been  said 
" Ever  thing  comes  t'  him  who  waits 

Except  a  loaned  book." 


